PACCAR(PCAR) - 2025 Q1 - Quarterly Results

Financial Performance - PACCAR reported quarterly revenues of $7.44 billion in Q1 2025, down from $8.74 billion in Q1 2024, reflecting a decrease of approximately 14.9%[1] - Net income for Q1 2025 was $505.1 million ($0.96 per diluted share), including a $264.5 million after-tax charge related to civil litigation in Europe[1] - Adjusted net income (non-GAAP) for Q1 2025 was $769.6 million ($1.46 per diluted share), compared to $1.20 billion ($2.27 per diluted share) in Q1 2024[1][3] - Net income for Q1 2025 decreased to $505.1 million from $1,195.3 million in Q1 2024, representing a decline of approximately 57.8%[25] - Total sales and revenues for Q1 2025 were $7,441.7 million, down from $8,744.3 million in Q1 2024, a decrease of about 14.9%[27] - Truck segment revenue fell to $5,225.8 million in Q1 2025 from $6,541.0 million in Q1 2024, a decline of approximately 20.1%[27] - Adjusted net income (non-GAAP) for Q1 2025 was $769.6 million, compared to $1,534.5 million in Q1 2024, reflecting a decrease of approximately 50.2%[35] Cash Flow and Dividends - Cash and cash equivalents at the end of Q1 2025 were $5,517.7 million, down from $6,194.5 million at the end of Q1 2024, a decrease of about 10.9%[25] - Net cash provided by operating activities for Q1 2025 was $910.3 million, compared to $1,469.0 million in Q1 2024, a decline of approximately 38.0%[25] - Payments of cash dividends in Q1 2025 totaled $1,747.0 million, slightly lower than $1,816.5 million in Q1 2024, a decrease of about 3.8%[25] - The company experienced a net decrease in cash and cash equivalents of $1,543.1 million in Q1 2025, compared to a decrease of $987.2 million in Q1 2024[25] Investments and Expenditures - The company invested $171.9 million in capital projects and $115.4 million in research and development in Q1 2025[3][14] - PACCAR plans to invest between $700-$800 million in capital expenditures and $450-$480 million in R&D expenses for the full year 2025[14] Market Performance - DAF Brasil has achieved a 10% market share in the above 16-tonne truck market in Brazil, with plans for further expansion across South America[6] - The North American Class 8 truck market is projected to have retail sales between 235,000 and 265,000 trucks in 2025[4] Assets and Equity - PACCAR's total assets amounted to $42.72 billion as of March 31, 2025, with stockholders' equity at $18.02 billion[23] Deliveries - New truck deliveries decreased to 40,100 units in Q1 2025 from 48,100 units in Q1 2024, a reduction of about 16.5%[31] Charges and Litigation - The company recorded a pretax charge of $350.0 million related to civil litigation in Europe, impacting overall profitability[34]